El Dorado Apartments sold near Old Town Scottsdale

Marcus and Millichap, a commercial real estate investment services firm, recently announced the sale of El Dorado Apartments, a 33-unit apartment property at 6825 E. Fourth St. in Scottsdale.

El Dorado Apartments at 6825 E. Fourth St. in Scottsdale. (Submitted Photo)

The asset sold for $5.78 million. Richard Butler and Sean Connolly, investment specialists in Marcus and Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an out-of-state limited liability company, according to a press release.

“El Dorado is a unique community located in the highly sought-after Downtown Scottsdale submarket,” Mr. Butler said in a prepared statement.

“Conveniently situated south of Indian School Road and east of 68th Street, El Dorado is walking distance to Old Town Scottsdale’s Entertainment District, Scottsdale Fashion Square Mall and the Arizona Canal Trail. Scottsdale is home to 200 golf courses, 600 restaurants, 70 resorts and hotels, 100 art galleries, as well as over 30,000 acres and 60 miles of trails in the McDowell Sonoran Mountain Preserve.”

Mr. Connolly said the complex opened in 1961 and is a mid-century deco-designed complex that sits on 1.13 resort-style acres.

“All units surround an expansive courtyard, complete with cabanas, a fire pit, a barbecue station, an upgraded swimming pool and spa with multiple lounging and sitting areas,” he said in a prepared statement.

“Renovated in 2015, the property is comprised of well-designed and spacious studios, one, two and three bedroom units. Exterior amenities include a fitness center, two laundry facilities, covered parking and individual storage units for tenant use.”

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